The dominant feature of Okoličné is a late Gothic complex on the bank of the river Váh dated back to the 15th century. It is one of the most significant medieval monuments of our region.
The author of the original altar is an anonymous artist known as Master of Okoličné. The statuary comes from the workshop of Master Pavol of Levoča. The replicas of  two saints, Catherine and Barbara, are displayed in Liptov Gallery of P. M. Bohúň. The interior of the church is in the Baroque style. The Franciscans established a school, library and probably even a hospital in the monastery. In 1571, during the Reformation, Franciscans left Okoličné, and the building started to decay.
In 1688–1697 it was reconstructed and extended in the Baroque style. The life of the monastery was interrupted by a violent dissolution in 1950 when even the rich monastic library with 25 000 books was destroyed. In the following years, the building was used as a hostel and depot. At present, the monastery is dwelt by the Community of Hallows, whose members and supporters reconstructed the neglected building and named it Monastery of Virgin Mary, the Queen of the Angels. In the neighbourhood, there is a modern monastery building of Congregation of St. Francis school sisters.